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Updated over 7 years ago on . Most recent reply

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Mike Strodtman
  • Investor
  • Bemidji, MN
6
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23
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Do you need a Resident Manager for a 14 unit building

Mike Strodtman
  • Investor
  • Bemidji, MN
Posted

Looking at a 14 unit building and they presently have a Resident Manager and a property manager.  The property management company pays the Resident Manager to vacuum the halls along with general clean up of the property and are the eyes and ears of the property. This person is paid $246 a month.  The management company is paid 7% gross rent.

Do you feel a Resident Manager is necessary for a 14 unit building? 

If you have a Resident Manager do you have a specific list of duties for that individual?  Do you pay them or deduct it from rent and how much do you pay them?  Any other information you would like to share would be greatly appreciated.

Most Popular Reply

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Deanna McCormick
  • Minneapolis, MN
1,761
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Deanna McCormick
  • Minneapolis, MN
Replied

@Jessie Niu $250.00 a month to caretake a building is .59 CENTS a day for each apartment, in his 14 unit building, to Keep the entire building's atmosphere neat and clean,,the light bulbs changed (safety first)  the laundry rooms, the entries, pick up loose mail.. 

I guess the other option is to have the PM hire someone and then pay them to maybe show up, maybe clean, and then pay the PM's commission on the call. 

The cheapest way to service this building is with a caretaker on concession.. type of compensation.. you don't want a employee, you don't want to pay the PM to hire a subcontractor and pay his monthly rate,, If your not sure call a maintenance company that does this and REALLY find out what they charge for building maintenance like this..  

The cleaning isn't going to get done by itself,, and a clean building KEEPS tenants,, a messy, smelly, dark burnt out lighted hallways sends them packing. 

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